What you need to know
- Google has entered into a long-term partnership with ADT to develop next-gen smart home security products.
- As part of the partnership, Google will invest $450 million to acquire 6.6% ownership in ADT.
- Both Google and ADT have also committed $150 million each for product development, co-marketing, technology, and employee training.
Google today announced that it will be investing $450 million for a 6.6% stake in ADT, a Florida-based home security firm. According to a press release issued by ADT, the two companies have entered into a long-term partnership to develop next-gen smart home security solutions.
Rishi Chandra, Vice President and GM, Nest, wrote in a blog post:
As part of the deal, ADT's network of over 20,000 professionals will soon be able to sell and install Google's smart home devices such as Nest cameras and Nest Hub Max. ADT customers, on the other hand, will get access to Google's Nest Aware service, which is priced at $6 a month. To advance the partnership, Google and ADT have also committed $150 million each for co-marketing, product development, technology, and employment training.
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